Sonor Investments Limited Reports Financial Results for the Year Ended December 31, 2009 and Three Months Ended March 31, 2010
16 April 2010 - 5:10AM
Marketwired
Sonor Investments Limited (TSX VENTURE: SNI.PR.A) today reported
its financial results for the year ended December 31, 2009 and the
three months ended March 31, 2010.
Year ended December 31 3 months ended March 31
2009 2008 2010 2009
$000 $000 $000 $000
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Revenue 3,923 4,339 144 259
Net Income (loss) 2,783 (854) 3 (206)
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Michael Gardiner, President and Chief Executive Officer, stated
that as at March 31, 2010 Company's assets totalled $51.1 million.
These assets included $13.2 million of marketable securities, $31.9
million in a private investment, $6.0 million of cash and cash
equivalents.
During the year ended December 31, 2009, the Company realized
$349,000 in net capital losses on the sale of investments and
$345,000 on the value of investments. This compares to net capital
losses of $229,000 on the sale of investments and $4,029,000 on the
value of investments during the year ended December 31, 2008.
During the three months ended March 31, 2010, the Company sold its
entire holdings of Canadian Asset Backed Commercial Paper to an
independent third party for proceeds of $635,000 which were equal
to the carrying value of these investments. Sonor did not dispose
of any other available for sale investments and hence no gains or
losses were realized. This compares to net capital gains of $41,000
on the sale of investments and net capital losses of $345,000 on
the value of investments during the corresponding period of the
previous year.
Loss on value of investments is determined each quarter by
testing available for sale investments for impairment. The
impairment process includes a review of all shares with particular
emphasis on shares trading below book value for more than six
months and more than 25% below book value at the end of the fiscal
year.
Sonor Investments Limited is an investment corporation located
in Toronto, Canada. The First Preference Shares of Sonor trade on
The TSX Venture Exchange under the symbol SNI.PR.A.
Contacts: Sonor Investments Limited Mr. Michael Gardiner
President and CEO (416) 369-1499 Sonor Investments Limited Mr.
Stephen Mills Treasurer & CFO (416) 369-1499
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